Souyute Group Co., Ltd. (hereinafter referred to as "Souyute Group" or "the Company") guarantees that the information disclosed is true, accurate, and complete, without any false records, misleading statements, or significant omissions.
Special Reminder:
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Current stage of the litigation (arbitration): Final ruling
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Position of the listed company: Respondent
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Amount involved in the case/execution: Approximately 304.6646 million yuan
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Impact on the company: If Souyute Group fails to comply with the rulings of [2021] Suizhong Case No. 7627 and [2021] Suizhong Case No. 6573, the applicants Dongguan Bank Daojiao Branch and Guanrui Factoring may apply to the People's Court for enforcement, leading to the disposal of the company's assets.
The financial loan contract dispute case filed by Dongguan Bank Daojiao Branch against Souyute Group and the factoring contract dispute case filed by Guanrui Factoring against Souyute Brand Management Co., Ltd. involve loan and factoring contracts. The company has accrued interest and penalties according to the contracts, with an estimated total of approximately 75.628 million yuan as of the date of this announcement. The company has accounted for approximately 1.6816 million yuan in legal fees, property preservation fees, and acceptance fees related to the rulings in this period's profit and loss.
On July 3, 2021, Souyute Group disclosed the financial loan contract dispute case filed by Dongguan Bank Daojiao Branch [Case No. (2021) Suizhong Case No. 7627] and the factoring contract dispute case filed by Guanrui Commercial Factoring (Guangzhou) Co., Ltd. [Case No. (2021) Suizhong Case No. 6573]. For detailed content, please refer to the announcement published on the Giant Tide Information Network (http://www.cninfo.com.cn) and in the Securities Times, titled "2021-056: Announcement on Cumulative Litigation and Arbitration Situations."
I. Progress of Major Litigation and Arbitration Cases
- On July 18, 2023, the company received the ruling from the Guangzhou Arbitration Commission regarding the financial loan contract dispute case filed by Dongguan Bank Daojiao Branch against Souyute Group [Case No. (2021) Suizhong Case No. 7627]. The main contents of the ruling are as follows:
(1) Souyute Group shall repay the principal of the loan of 127,354,979.14 yuan to Dongguan Bank Daojiao Branch and pay interest, compound interest, and penalties (as of May 21, 2023, interest is 1,815,837.81 yuan, penalties 16,370,600.24 yuan, compound interest 1,322,161.14 yuan; from May 22, 2023, interest, penalties, and compound interest shall be calculated based on the principal of 127,354,979.14 yuan until all principal, interest, penalties, and compound interest are fully paid);
(2) Souyute Group shall compensate Dongguan Bank Daojiao Branch for the attorney fees of 319,500 yuan and preservation fees of 10,000 yuan incurred in realizing the creditor's rights;
(3) The acceptance fee of 331,189 yuan and handling fee of 42,723 yuan (Dongguan Bank Daojiao Branch has prepaid 49,678 yuan, with 6,955 yuan to be refunded), totaling 373,912 yuan in arbitration fees shall be borne by Souyute Group (this amount has been prepaid by Dongguan Bank Daojiao Branch to the Dongguan branch and will not be refunded, to be paid directly by Souyute Group to Dongguan Bank Daojiao Branch);
(4) Ma Hong shall bear joint and several liability for the debts determined in items (1), (2), and (3);
(5) Other arbitration requests from Dongguan Bank Daojiao Branch are not supported.